After the first governmental elections powered by blockchain took place earlier this month in West Virginia, Florida’s Seminole seeks to become the first county to allow taxes to be paid with cryptocurrencies such as bitcoin.
More specifically, Seminole County Tax Collector will be accepting bitcoin and bitcoin cash payments for services including property taxes, driver’s licenses and ID card fees, tags and titles. The payment will be conducted on BitPay, making the process less time-consuming and more beneficial for both sides.
In modern times, tax payments take place via third parties collecting the money from citizens and delivering them to the governmental institution responsible for spending and administering the funds. This method has significant drawbacks, such as heavy fees, and can be extremely time-consuming.
Joel M. Greenberg, who was elected Seminole County Tax Collector and took office in January 2017, is the person responsible for the idea. His office is responsible for tax collection in the county and he seeks to make the process flawless using distributed ledger technology (DLT) among other innovations.
“We live in a world where technology has made access to services on demand, with same-day delivery and the expectation of highly efficient customer service and we should expect the same from our government. The aim of my tenure in office is to make our customer experience faster, smarter, and more efficient, and to bring government services from the 18th century into the 21st century and one way is the addition of cryptocurrency to our payment options.”
Joel M. Greenberg said in his statement.
Blockchain technology offers a solution to these problems, creating a new way for people to pay their taxes with significantly lower fees and reduced potential frauds and identity theft, allowing people to use their own hand-held devices to get the job done.
BitPay, the company behind the application used, was founded in 2011. Over the last seven years it has become an experienced player in bitcoin and blockchain payments.
Its products allow businesses to send and receive payments across borders and customers to manage their digital assets. The company has raised more than $70 million from leading investors including Index Ventures, Aquiline Technology Growth and Founders Fund, among others. BitPay has expanded significantly in recent years, with offices in North and South America and Europe.
“BitPay was started because we recognized the potential for blockchain to revolutionize the financial industry, making payments faster, more secure, and less expensive on a global scale. With the Seminole County Tax Collector’s office, we have engaged our first government agency to accept bitcoin and bitcoin cash by making it easy and seamless for them.”
Jeremie Beaudry, Head of Compliance at BitPay, stated on the matter.
Distributed ledger technologies are improving by the day, with more people slowly realizing the benefits. A large portion of the tech industry is already applying these processes to improve our everyday lives.
Based on the current trajectory, it won’t be long before blockchain becomes a mainstream technology in which most of our applications are based, making them more secure, faster and reliable.